OPEC said to be reviving proposal to cap oil production

OPEC members are reviving the idea of a ceiling on production during closed-door talks ahead of their official Thursday meeting.

Saudi Arabia is considering backing a ceiling on the group’s collective production, according to Organization of the Petroleum Exporting Countries delegates here.

A willingness by Saudi Arabia, the group’s biggest exporter, to support such a limit would be a subtle but significant shift for a country that has been a major proponent of all-out production amid a supply glut that led to a collapse in prices. But Iran later rejected the idea, potentially spoiling an emerging consensus.

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